Consolidated Document number 06/VBHN-NHNN on special supervision of credit institutions

CIRCULAR

Provisions on special supervision of credit institutions

Circular No. 39/2024/TT-NHNN dated July 1, 2024 of the Governor of the State Bank of Vietnam on special supervision of credit institutions, effective from July 1, 2024, has been amended and supplemented by:

Circular No. 07/2025/TT-NHNN dated June 6, 2025 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of Circular No. 39/2024/TT-NHNN dated July 1, 2024 of the Governor of the State Bank of Vietnam on special supervision of credit institutions, effective from June 6, 2025.

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to Decree No. 102/2022/NĐ-CP dated December 12, 2022 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of Banking Inspection and Supervision;

The Governor of the State Bank of Vietnam issues this Circular on special supervision of credit institutions^[[1]].

Chapter I. GENERAL PROVISIONS

Article 1. Scope of Regulation^[[2]]

This Circular stipulates on: authority to decide on special supervision of credit institutions; forms of special supervision; Decision on special supervision; notification and publication of information on special supervision; duration of special supervision, extension of the duration of special supervision, termination of special supervision; reduction of charter capital of commercial banks subject to special supervision approved by the State Bank of Vietnam for mandatory transfer; composition, number of members, structure, mechanism of operation, tasks, and powers of the Special Supervisory Board; responsibilities of agencies, organizations, and individuals related thereto.

Article 2. Applicability

1. Credit institutions include: commercial banks, cooperative banks, non-bank credit institutions, microfinance organizations, people's credit funds.

2. Agencies, organizations, and individuals related to special supervision of credit institutions.

Chapter II. SPECIAL SUPERVISION, NOTIFICATION, ANNOUNCEMENT OF INFORMATION ON SPECIAL SUPERVISION, REDUCTION OF CHARTER CAPITAL^[[3]]

Article 3. Authority to decide on special supervision of credit institutions

1. The Governor of the State Bank of Vietnam shall examine and decide on the following matters concerning credit institutions, except for people's credit funds:

a) Placing credit institutions falling under the provisions of Clause 1, Article 162 of the Law on Credit Institutions under special supervision;

b) Forms of special supervision;

c) Establishing the Special Supervisory Board;

d) Duration of special supervision;

đ) Notification of special supervision;

e) Publication of information on special supervision;

g) Extension of the duration of special supervision;

h) Termination of special supervision;

i) Other matters within the authority of the State Bank of Vietnam (hereinafter referred to as the State Bank) prescribed in the Law on Credit Institutions and this Circular.

2. Director of the State Bank Regional Branch^[[4]] examines and decides on the following matters concerning people's credit funds headquartered in the region:

a) Matters prescribed in points a, b, c, d, đ, e, g, and h of Clause 1 of this Article;

b) Matters prescribed in Clause 2, Article 163, Clause 4 and Clause 5, Article 166, Clause 9, Article 167, Clause 3 and Clause 5, Article 169, Clause 3, Article 172, Clause 2, 5, and 6, Article 174, Clause 2, Article 176, Clause 3 and Clause 4, Article 178, Clause 2 and Clause 3, Article 187 (except for the matter prescribed in point c, Clause 3, Article 3 of this Circular), Clause 3, Article 188 (except for the matter prescribed in point b, Clause 3, Article 3 of this Circular), Clause 3 and Clause 4, Article 190 of the Law on Credit Institutions;

c) Other matters within the authority of the State Bank Regional Branch^[[5]] (hereinafter referred to as the State Bank Regional Branch) prescribed in this Circular and relevant laws.

3. The Director of the State Bank Regional Branch reports and proposes to the Governor of the State Bank (through the Department of Management and Supervision of Credit Institutions^[[6]]) the following matters concerning people's credit funds headquartered in the region:

a) Submitting to the Government for decision on applying special measures prescribed in Clause 4, Article 162 of the Law on Credit Institutions;

b) Submitting to the Prime Minister for decision on the limit of deposit insurance payments prescribed in Clause 3, Article 188 of the Law on Credit Institutions;

c) Approving support measures exceeding the authority prescribed in point i, Clause 1, Article 171, Clause 11, Article 174, and Clause 3, Article 187 of the Law on Credit Institutions;

d) Other matters exceeding the authority of the State Bank Regional Branch prescribed in this Circular and relevant laws.

Article 4. Special Control Forms

1. Based on the actual situation and risk level in the operation of credit institutions, the Governor of the State Bank of Vietnam or the Director of the State Bank of Vietnam branch shall consider and decide:

a) Placing credit institutions under special control in the form of special supervision or comprehensive control;

b) The contents, scope, measures, and tasks of controlling operations as stipulated in the Decision on Special Control, which are appropriate to the special control form and the provisions set forth in Clause 1, Article 11 of this Circular.

2. Special supervision is the act of placing credit institutions under direct control by the State Bank of Vietnam through remote directive and direct supervisory activities, and on-site inspections conducted by the Special Supervision Board for credit institutions subject to special control.

3. Comprehensive control is the act of placing credit institutions under direct control by the State Bank of Vietnam through on-site directive and direct supervisory activities carried out by the Special Supervision Board for daily operations of credit institutions subject to special control.

4. Changing the form of special control shall be implemented as follows:

a) Based on the actual situation and risk level in the operation of credit institutions subject to special control, the Special Supervision Board shall recommend to the Governor of the State Bank of Vietnam (through the Credit Institution Management and Supervision Department) to change the form of special control for credit institutions subject to special control as stipulated in Clause 1, Article 3 of this Circular, or recommend to the Director of the State Bank of Vietnam branch to change the form of special control for credit institutions subject to special control as stipulated in Clause 2, Article 3 of this Circular; ^[[7]]) amend the special supervision form for credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular, or propose the Governor of the State Bank of Vietnam branch to amend the special supervision form for credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular;

b) In cases where commercial banks subject to special control have mandatory transfer plans approved by competent authorities, the Special Supervision Board may recommend to the Governor of the State Bank of Vietnam (through the Credit Institution Management and Supervision Department) to change the form of special control if deemed necessary;^[[8]]) change the special supervision form if deemed necessary;

c) Within twenty days from the date of receiving recommendations from the Special Supervision Board as specified in points a and b of this clause, the Governor of the State Bank of Vietnam or the Director of the State Bank of Vietnam branch shall consider and decide to change the form of special control for credit institutions subject to special control according to the authority stipulated in Article 3 of this Circular.

Article 5. Decision on Special Control

The Decision on Special Control includes the following contents:

1. Name of the credit institution subject to special control.

2. Reason for placing the credit institution under special control.

3. Duration of special control.

4. Form of special control, contents, scope, measures, and tasks of controlling operations for credit institutions subject to special control.

5. Names, positions of each member of the Special Supervision Board, duties, and powers of the Special Supervision Board, the Head of the Special Supervision Board, and other members of the Special Supervision Board.

6. Use of seals of the State Bank of Vietnam, including those of the State Bank of Vietnam branches.

7. Conversion of refinancing loans into special loans; conversion of loans from people's credit funds at cooperative banks into special loans.

8. Other contents.

Article 6. Notification on Special Supervision

1. The notification on special supervision includes one or more of the following contents:

a) Decision on special supervision;

b) Change in form of special supervision;

c) Extension, termination of special supervision;

d) Documents of competent authority approving restructuring plans;

đ) Other contents.

2. The State Bank sends the notification in writing about the special supervision of credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular to one or more of the following entities:

a) Board of Directors or Board of Members, Supervisory Board, General Director (Director) of credit institutions subject to special supervision;

b) Branches of the State Bank where credit institutions subject to special supervision have their main offices, branches of the State Bank where credit institutions subject to special supervision have dependent units operating;

c) Vietnam Deposit Insurance Corporation;

d) People's Committee of the province where credit institutions subject to special supervision have their main offices;

đ) Ministry of Finance (in case credit institutions subject to special supervision are listed companies, traded companies, state-owned enterprises, subsidiaries, associated companies of insurance companies, financial insurance groups; credit institutions subject to special supervision have subsidiaries, associated companies operating in securities, insurance sectors);

e) Other relevant agencies and organizations.

3. The State Bank branch sends the notification in writing about the special supervision of credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular to one or more of the following entities:

a) Board of Directors, Supervisory Board, General Director (Director) of credit institutions subject to special supervision;

b) Governor of the State Bank;

c) Vietnam Deposit Insurance Corporation;

d) Vietnam Rural Credit Cooperative;

đ) People's Committee of the province,^[[9]] district where credit institutions subject to special supervision have their main offices;

e) Other relevant agencies and organizations.

4. The Governor of the State Bank decides specifically on the scope, content, recipients of the notification on special supervision as stipulated in Clause 1, Clause 2 of this Article and the time of notification on special supervision for credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular.

5. The Director of the State Bank branch decides specifically on the scope, content, recipients of the notification on special supervision as stipulated in Clause 1, Clause 3 of this Article and the time of notification on special supervision for credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular.

Article 7. Disclosure of Information on Special Supervision

1. Information on special supervision of credit institutions disclosed includes one or more of the following information:

a) Name of credit institution subject to special supervision;

b) Form of special supervision, duration of special supervision, termination of special supervision;

c) Other information.

2. The State Bank discloses information on special supervision of credit institutions through one or more of the following forms:

a) Posting on the electronic information website of the State Bank;

b) Posting on the electronic information website of credit institutions subject to special supervision (if available);

c) Publishing in central or local newspapers where credit institutions subject to special supervision have their main offices at least three consecutive issues;

d) Press conference;

đ) Announcing at the Annual General Meeting of Shareholders or Board of Members or Members' Assembly of credit institutions subject to special supervision.

3. The Governor of the State Bank decides specifically on the scope, content, form of disclosure of information on special supervision as stipulated in Clause 1, Clause 2 of this Article and the time of disclosure of information on special supervision for credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular in accordance with the goal of ensuring the safety of the credit institution system.

4. The Director of the State Bank branch decides specifically on the scope, content, form of disclosure of information on special supervision as stipulated in Clause 1, Clause 2 of this Article and the time of disclosure of information on special supervision for credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular in accordance with the goal of ensuring the safety of the credit institution system.

Article 7a. The reduction of the charter capital of a commercial bank under special control shall be approved by the State Bank of Vietnam for the mandatory transfer plan.^[[10]]

1. Within ten days from the date on which the State Bank of Vietnam approves the mandatory transfer plan pursuant to Clause 4 of Article 179 or Clause 4 of Article 180 of the Law on Credit Institutions, the commercial bank under special control must complete the determination and submit to the Special Control Board the consolidated business results for the accounting period starting from the latest audited financial report date up to the last day of the month immediately preceding the date on which the State Bank of Vietnam approves the mandatory transfer plan, in accordance with Vietnamese Accounting Standards, Accounting Regulations, and relevant laws.

2. Within twenty days from the date on which the State Bank of Vietnam approves the mandatory transfer plan pursuant to Clause 4 of Article 179 or Clause 4 of Article 180 of the Law on Credit Institutions, the Special Control Board must complete the determination and report to the State Bank of Vietnam (through the Department of Credit Institution Management and Supervision) the consolidated business results of the commercial bank under special control for the accounting period specified in Clause 1 of this Article (even if the commercial bank under special control fails to determine the consolidated business results as required in Clause 1 of this Article), and request the State Bank of Vietnam (through the Department of Credit Institution Management and Supervision) to decide to reduce the entire charter capital of the commercial bank subject to mandatory transfer to offset accumulated losses exceeding 100% of the value of the charter capital and reserve funds recorded in the latest audited financial report and according to the consolidated business results of the commercial bank under special control determined by the Special Control Board as stipulated herein, in accordance with Clause 2 of Article 183 of the Law on Credit Institutions.

3. Based on the latest audited financial report and the report and recommendation of the Special Control Board as provided in Clause 2 of this Article, the State Bank of Vietnam shall decide to reduce the entire charter capital of the commercial bank subject to mandatory transfer to offset accumulated losses at the time of the mandatory transfer decision in accordance with Clause 2 and Clause 3 of Article 183 of the Law on Credit Institutions. This amount replaces the charter capital stated in the License for Establishment and Operation issued by the State Bank of Vietnam to the commercial bank under special control.

Article 8. Extension of Special Control Period

1. Based on the actual operation status of credit institutions under special control, not later than thirty days before the expiration of the special control period, the Special Control Board shall recommend to the Governor of the State Bank of Vietnam (through the Department of Credit Institution Management and Supervision) ^[[11]]to consider and decide on extending the special control period for credit institutions under special control as stipulated in Clause 1 of Article 3 of this Circular, or recommend to the Director of the State Bank of Vietnam branch to consider and decide on extending the special control period for credit institutions under special control as stipulated in Clause 2 of Article 3 of this Circular.

2. Within twenty days from the date of receipt of the recommendation of the Special Control Board as provided in Clause 1 of this Article, the Governor of the State Bank of Vietnam or the Director of the State Bank of Vietnam branch shall consider and decide on extending the special control period for credit institutions under special control within their respective authority as stipulated in Article 3 of this Circular.

Article 9. Termination of Special Supervision

1. When a credit institution subject to special supervision falls under one of the cases stipulated in Article 168 of the Law on Credit Institutions, the Special Supervisory Board shall propose the Governor of the State Bank of Vietnam (through the Department for Management and Supervision of Credit Institutions) to consider and decide to terminate special supervision over the credit institution subject to special supervision as specified in Clause 1 of Article 3 of this Circular, or propose the Director of the State Bank of Vietnam branch to consider and decide to terminate special supervision over the credit institution subject to special supervision as specified in Clause 2 of Article 3 of this Circular. ^[[12]]2. Within twenty days from the date of receipt of the proposal of the Special Supervisory Board as stipulated in Clause 1 of this Article, the Governor of the State Bank of Vietnam or the Director of the State Bank of Vietnam branch shall consider and decide to terminate special supervision over the credit institution subject to special supervision according to the authority prescribed in Article 3 of this Circular.

3. The credit institution subject to special supervision shall be terminated from special supervision from the effective date of the Decision terminating special supervision.

PARTS, NUMBER OF MEMBERS, STRUCTURE, OPERATING MECHANISM, DUTIES, AND LIMITATIONS OF THE SPECIAL SUPERVISORY BOARD

Chapter III. Article 10. Composition, number of members, structure, operating mechanism of the Special Supervisory Board

1. The composition and structure of the Special Supervisory Board shall be organized according to one of the following two models:

a) Head of the Special Supervisory Board and other members;

b) Head of the Special Supervisory Board, Deputy Head of the Special Supervisory Board, and other members.

2. Members of the Special Supervisory Board belong to the following categories:

a) Officials, civil servants, employees, workers of the State Bank of Vietnam, the Deposit Insurance Corporation of Vietnam, the Vietnam Cooperative Bank (in the case of special supervision over credit institutions as specified in Clause 2 of Article 3 of this Circular), the mandatory transferee (in the case of special supervision over commercial banks that have been approved by competent authorities with mandatory transfer plans), other credit institutions than the credit institution subject to special supervision, agencies, organizations related to the special supervision of the credit institution appointed, summoned, or nominated by relevant agencies, organizations related to the special supervision of the credit institution upon the request of the State Bank of Vietnam;

b) Experts in finance, banking, accounting, auditing, information technology invited, summoned by the State Bank of Vietnam.

3. The Head of the Special Supervisory Board of the credit institution as specified in Clause 1 of Article 3 of this Circular shall be one of the following categories:

a) Leaders at the Directorate level or equivalent positions or higher of units under the State Bank of Vietnam;

Leaders at the Department level or equivalent positions or higher of the Department for Management and Supervision of Credit Institutions; the State Bank of Vietnam Inspectorate;

b)^[[13]] c) Directors, Deputy Directors of the State Bank of Vietnam branches where the credit institution subject to special supervision has its main office;

Leaders at the Department level or equivalent positions or higher of the Departments for Management and Supervision; the State Bank of Vietnam Inspectorate branches where the credit institution subject to special supervision has its main office.

d)^[[14]] 4. The Head of the Special Supervisory Board of the credit institution as specified in Clause 2 of Article 3 of this Circular shall be one of the following categories:

a) Directors, Deputy Directors of the State Bank of Vietnam branches where the credit institution subject to special supervision has its main office;

5. Members of the Special Supervisory Board shall not be persons related as defined in Point d, Clause 24, Article 4 of the Law on Credit Institutions of members of the Board of Directors, members of the Board of Members, members of the Supervisory Board, General Managers (Directors), individuals who are major shareholders, contributors of the credit institution subject to special supervision, or individuals who are legal representatives of major shareholders, owners, contributors of the credit institution subject to special supervision.

b)^[[15]] 4. The Head of the Special Supervisory Board of the credit institution as specified in Clause 2 of Article 3 of this Circular shall be one of the following categories:

6. Operating mechanism of the Special Supervisory Board:

a) The Special Supervisory Board operates under a collective responsibility system combined with individual accountability, appropriate to the content and nature of each task handled;

b) The frequency of meetings, information exchange mechanisms, decision-making processes, and consolidation of opinions of members shall be decided by the Head of the Special Supervisory Board, appropriate to the form of special supervision and the actual situation of the credit institution subject to special supervision.

7. The Governor of the State Bank of Vietnam (for credit institutions subject to special supervision as specified in Clause 1 of Article 3 of this Circular), the Director of the State Bank of Vietnam branch (for credit institutions subject to special supervision as specified in Clause 2 of Article 3 of this Circular) shall specifically determine the composition, number of members, and structure of the Special Supervisory Board appropriate to the form of special supervision and the actual situation of the credit institution subject to special supervision.

7. The Governor of the State Bank of Vietnam (for credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular), or the Governor of the State Bank of Vietnam branch (for credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular) shall decide specifically on the composition, number of members, and structure of the Special Supervision Board in accordance with the special supervision form and the actual situation of the credit institution subject to special supervision.

Article 11. Duties and Powers of the Special Supervisory Board

1. The Special Supervisory Board shall perform duties and powers as prescribed in Article 164 of the Law on Credit Institutions. The Special Supervisory Board shall carry out its duties and powers through the following supervisory activities:

a) Requesting credit institutions subject to special supervision to provide complete, accurate, and timely information, documents, and files related to their operations, including the following:

(i) The current status regarding organization, personnel, management, operation, information technology systems, and internal control systems;

(ii) The current status of banking activities and other business activities, including cumulative profits and losses of the credit institution; the ability to fulfill debt obligations when due;

(iii) The current status of assets and collateral, including detailed reports on non-performing loans, difficult-to-collect receivables, potential hidden non-performing loans, non-performing loans sold to Vietnam Asset Management Corporation Limited (VAMC) that have not been resolved, interest receivable that must be recovered according to the law but has not yet been recovered;

(iv) A list of customers (excluding credit institutions and foreign bank branches) receiving credit; a list of organizations and individuals depositing money; a list of other creditors;

(v) Other information necessary for the performance of the Special Supervisory Board's duties.

b) Requesting credit institutions subject to special supervision to inventory cash and cash equivalents currently held throughout the system according to the principle of cross-checking and reporting the results within five days from the completion of the inventory;

c) Organizing the monitoring of the inventory process specified in point b of this clause in accordance with the actual situation and scale of operations of the credit institution subject to special supervision;

d) During the period before there is a restructuring plan or a restructuring plan for the credit institution subject to special supervision has not been approved by the competent authority, based on the information, documents, and files provided by the credit institution subject to special supervision as stipulated in points a and b of this clause or information from independent audit reports, inspection conclusions, and other sources, the Special Supervisory Board shall assess the current status of the credit institution subject to special supervision to proactively implement measures or report to the Governor of the State Bank of Vietnam (through the Department of Credit Institution Management and Supervision^[[16]], for the Special Supervisory Board of credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular) or the Director of the State Bank of Vietnam branch (for the Special Supervisory Board of credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular) to apply appropriate measures in response to the status of the credit institution subject to special supervision;

đ) Approving in advance certain transactions and activities carried out by credit institutions subject to special supervision as prescribed in the Special Supervision Decision or other documents of the State Bank of Vietnam;

e) Requesting credit institutions subject to special supervision to report on their operational results in accordance with the content and frequency suitable to the status of the credit institution subject to special supervision;

g) Deciding to attend meetings of the Board of Directors, Board of Members, and Supervisory Board of credit institutions subject to special supervision and expressing opinions on matters related to the duties and powers of the Special Supervisory Board at such meetings;

h) Directing, inspecting, supervising, and controlling the activities of credit institutions subject to special supervision to prevent, stop the concealment, diversion, pledging, mortgaging, transfer of assets, and other actions that may cause damage to credit institutions subject to special supervision;

i) Reporting periodically as prescribed in the Special Supervision Decision or when necessary or upon request of the Governor of the State Bank of Vietnam, the Director of the State Bank of Vietnam branch ^[[17]], for the Special Supervisory Board of credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular) or the Director of the State Bank of Vietnam branch (for the Special Supervisory Board of credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular) on the management, operation, activities, business, investment, finance, liquidity, and other issues (if any) of credit institutions subject to special supervision and recommending or proposing measures to address them (if any); the results, difficulties, and obstacles encountered during the implementation of the approved restructuring plan and recommending or proposing measures to address them (if any);

k) Promptly reporting to the Governor of the State Bank of Vietnam (through the Department of Credit Institution Management and Supervision ^[[18]], for the Special Supervisory Board of credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular) or the Director of the State Bank of Vietnam branch (for the Special Supervisory Board of credit institutions subject to special supervision as stipulated in Clause 2, Article 3 of this Circular) on unusual developments in operations, potential risks, safety threats, and legal violations of credit institutions subject to special supervision; difficulties and obstacles arising during the special supervision of credit institutions and recommending or proposing measures to address them;

l) Promptly informing credit institutions subject to special supervision of relevant information and directives from the competent authority concerning their operations and restructuring plans;

m) Other tasks as prescribed in the Law on Credit Institutions or assigned by the Governor of the State Bank of Vietnam, the Director of the State Bank of Vietnam branch.

2. The Special Supervisory Board of credit institutions subject to special supervision as stipulated in Clause 1, Article 3 of this Circular shall advise and propose to the Governor of the State Bank of Vietnam (through the Department of Credit Institution Management and Supervision ^[[19]]) the following contents:

a) Submitting to the Government for decision on applying special measures prescribed in Clause 4, Article 162 of the Law on Credit Institutions;

b) Implementing the provisions of points b, c, and d of Clause 2, Article 163, and Clauses 4 and 5 of Article 166 of the Law on Credit Institutions.

3. The special control board of the people's credit cooperative under special control shall advise and propose to the Governor of the State Bank branch on the contents prescribed in Clauses 2 and 3 of Article 3 of this Circular, except for Point a, c, and d of Clause 1 of Article 3 of this Circular, and excluding advising and proposing the form of special control to issue a decision placing the people's credit cooperative under special control.

Article 12. Rights and Obligations of the Head of the Special Control Board

1. Lead and organize the implementation of the tasks, powers, and work of the Special Control Board as prescribed in the Law on Credit Organizations, this Circular, and the Decision on Special Control.

2. Convene and preside over meetings of the Special Control Board.

3. Represent the Special Control Board to sign documents within the Board's authority.

4. Assign tasks to members of the Special Control Board.

5. Decide on the contents prescribed in Clause 6 of Article 10 of this Circular.

6. Direct and supervise the implementation of assigned tasks by members of the Special Control Board, including the management, storage of documents and files, and confidentiality of information related to the activities of the credit organization under special control in accordance with the law and directives from the Governor of the State Bank (for credit organizations under special control as prescribed in Clause 1 of Article 3 of this Circular) or the Governor of the State Bank branch (for credit organizations under special control as prescribed in Clause 2 of Article 3 of this Circular). 7. Within thirty days from the date the Decision terminating the special control of the credit organization under special control takes effect, represent the Special Control Board to hand over all documents and files related to the special control of the credit organization under special control to the Credit Organization Management and Supervision Department (for the Head of the Special Control Board of the credit organization under special control as prescribed in Clause 1 of Article 3 of this Circular), or the State Bank branch where the main office of the credit organization under special control is located (for the Head of the Special Control Board of the credit organization under special control as prescribed in Clause 2 of Article 3 of this Circular).

8. Other rights and duties assigned in the Decision on Special Control. ^[[20]] 9. Delegate to the Deputy Head of the Special Control Board or other members of the Special Control Board to exercise the rights prescribed in Clauses 2, 3, 6, and 8 of this Article during their absence..

Be responsible before

the Governor of the State Bank or the Governor of the State Bank branch

10. and before the law for the execution of assigned tasks. Article 13. Rights and Obligations of Members of the Special Control Board Fulfill tasks according to the assignment

, delegation

1. of the Head of the Special Control Board2. promptly report.

and propose measures to addressthe Head of the Special Control Board regarding unusual developments potential risks, safety operation threats violations of the law by the credit organization under special control Be responsible before the Head of the Special Control Board and before the law for the execution of assigned tasks. and RESPONSIBILITIES OF RELATED AUTHORITIES, ORGANIZATIONS, AND INDIVIDUALS.

3. Shall be responsible before the Chairman of the Special Supervision Board and under the law for the performance of assigned tasks.

Chapter IV. RESPONSIBILITIES OF RELATED AUTHORITIES, ORGANIZATIONS, AND INDIVIDUALS

Article 14. Responsibilities of the Credit Institution Management and Supervision Department ^[[21]]

1. Report promptly to the Governor of the State Bank of Vietnam when credit institutions specified in Clause 1 of Article 3 of this Circular fall under any of the circumstances stipulated in Clause 1 of Article 162 of the Law on Credit Institutions.

2. Advise and propose to the Governor of the State Bank of Vietnam to decide on the contents specified in Clause 1 of Article 3 of this Circular, except for the content regarding special loans.

3. Advise the Governor of the State Bank of Vietnam to direct and implement special supervision over credit institutions specified in Clause 1 of Article 3 of this Circular.

4. Advise and propose to the Governor of the State Bank of Vietnam to decide on the contents specified in Clause 3 of Article 3 of this Circular within their functions and duties, except for the content regarding special loans.

5. Serve as the focal point for receiving reports, advising, proposing, and recommending related to special supervision of credit institutions specified in Clause 1 of Article 3 of this Circular, including the content specified in Clause 2 of Article 11 of this Circular.

6. Handle within their authority or advise and propose to the Governor of the State Bank of Vietnam to handle the reports, advice, proposals, and recommendations specified in Clause 5 of this Article within their functions and duties.

7. Advise and propose to the Governor of the State Bank of Vietnam to implement the provisions at point b, c, and d of Clause 2 of Article 163, Clause 4 and Clause 5 of Article 166 of the Law on Credit Institutions for credit institutions specified in Clause 1 of Article 3 of this Circular.

8. Provide information about conditions for supporting credit institutions, credit institutions accepting all debt obligations according to their assigned functions and duties upon request of the Branch of the State Bank of Vietnam specified in point đ of Clause 2 of Article 16 of this Circular.

9. Receive, manage, store documents, files, and protect information related to special supervision of credit institutions specified in Clause 1 of Article 3 of this Circular in accordance with the law and directives of the Governor of the State Bank of Vietnam, including the documents and files specified in Clause 7 of Article 12 of this Circular.

10. Advise the Governor of the State Bank of Vietnam to assign relevant units within the State Bank of Vietnam to advise and handle proposals, recommendations, and contents related to special supervision of credit institutions within the functions and duties of these units.

Article 15. Responsibilities of Other Units under the State Bank

1. Appoint persons to participate in the Special Control Board.

2. Provide information about conditions for supporting credit institutions, credit institutions accepting all debt obligations according to their assigned functions and duties upon request of the Branch of the State Bank of Vietnam specified in point đ of Clause 2 of Article 16 of this Circular.

3. Advise and handle proposals, recommendations, and contents related to special supervision of credit institutions within the functions and duties of the units or as assigned by the Governor of the State Bank of Vietnam.

Article 16. Responsibilities of the Branch of the State Bank of Vietnam

1. For credit institutions subject to special supervision specified in Clause 1 of Article 3 of this Circular:

a) Appoint person to participate in the Special Control Board;

b) Carry out special supervision tasks for dependent units of credit institutions subject to special supervision in its jurisdiction as assigned by the Governor of the State Bank of Vietnam and advise and propose to the Governor of the State Bank of Vietnam (through the Credit Institution Management and Supervision Department ^[[22]]) to apply measures within their authority and assigned tasks;

c) Handle within their authority issues related to dependent units of credit institutions subject to special supervision in its jurisdiction;

d) Coordinate with the Credit Institution Management and Supervision Department^[[23]], the Special Control Board, and local state management agencies during the special supervision of credit institutions;

đ) Perform other tasks assigned by the Governor of the State Bank of Vietnam.

2. For credit institutions subject to special supervision specified in Clause 2 of Article 3 of this Circular:

a) Implement the contents stipulated in this Circular;

b) Report promptly to the Governor of the State Bank of Vietnam when credit institutions fall under any of the circumstances stipulated in Clause 1 of Article 162 of the Law on Credit Institutions;

c) Receive and handle within their authority issues related to special supervision of credit institutions;

d) Serve as the focal point to coordinate with local state management agencies to address issues arising during the special supervision of credit institutions;

đ) Request supporting credit institutions, credit institutions accepting all debt obligations, and relevant units within the State Bank of Vietnam to provide information about conditions for supporting credit institutions, credit institutions accepting all debt obligations according to the provisions of Article 173, Clause 4 of Article 187 of the Law on Credit Institutions;

e) Receive, manage, store documents, files, and protect information related to special supervision of credit institutions in accordance with the law and directives of the Governor of the State Bank of Vietnam, including the documents and files specified in Clause 7 of Article 12 of this Circular;

g) Provide information related to supervised people's credit funds to the Vietnam Cooperative Bank and the Vietnam Deposit Insurance Corporation to perform their tasks according to the Law on Credit Institutions and this Circular;

h) Perform other tasks within their authority.

Article 17. Responsibilities of the Vietnam Rural Credit Bank

1. Appoint persons to participate in the Special Supervisory Board of credit organizations as stipulated in Clause 2, Article 3 of this Circular.

2. Appoint persons for the State Bank of Vietnam branch to designate the Chairman, other members of the Board of Directors; the Head, other members of the Supervisory Board; the Director, Deputy Director, and equivalent positions according to the Charter of the people's credit fund under special supervision upon the proposal of the State Bank of Vietnam branch.

3. Participate in evaluating the feasibility of recovery plans, merger, consolidation, transfer of all share capital, and provide opinions on the asset liquidation plan of the people's credit fund under special supervision based on the proposal of the Special Supervisory Board.

4. Examine and decide whether to be a credit organization supporting the implementation of the recovery plan of the people's credit fund under special supervision.

5. Coordinate with the Special Supervisory Board in developing and perfecting the bankruptcy plan of the people's credit fund under special supervision and propose to the State Bank to submit to the Prime Minister for approval of the maximum insurance payment limit for depositors, equal to the amount of insured deposits of individuals at the people's credit fund.

6. Coordinate with the Credit Organization Management and Supervision Department ^[[24]], the State Bank branch where the credit organization under special supervision as stipulated in Clause 2, Article 3 of this Circular is headquartered, and the Special Supervisory Board during the special supervision period of the credit organization.

7. Monitor the developments and activities of the credit organization under special supervision as stipulated in Clause 2, Article 3 of this Circular, report and propose measures to the Governor of the State Bank or the Director of the State Bank branch where the credit organization is headquartered for handling (if necessary).

Article 18. Responsibilities of the Vietnam Deposit Insurance Corporation

1. Appoint persons to participate in the Special Supervisory Board of credit organizations under special supervision that are participating in deposit insurance.

2. Coordinate with the Credit Organization Management and Supervision Department^[[25]], the State Bank branch where the credit organization under special supervision that is participating in deposit insurance is headquartered, and the Special Supervisory Board during the special supervision period of the credit organization.

3. Appoint persons for the State Bank branch to designate the Chairman, other members of the Board of Directors; the Head, other members of the Supervisory Board; the Director, Deputy Director, and equivalent positions according to the Charter of the people's credit fund under special supervision upon the proposal of the State Bank branch.

4. Participate in evaluating the feasibility of recovery plans, merger, consolidation, transfer of all share capital of the people's credit fund under special supervision based on the proposal of the Special Supervisory Board.

5. Coordinate with the Special Supervisory Board in developing the bankruptcy plan of the credit organization under special supervision, except in cases stipulated in Clause 6 of this Article.

6. Coordinate with the Special Supervisory Board in developing and perfecting the bankruptcy plan of the people's credit fund under special supervision and propose to the State Bank to submit to the Prime Minister for approval of the maximum insurance payment limit for depositors, equal to the amount of insured deposits of individuals at the people's credit fund.

7. Coordinate with the credit organization under special supervision in paying deposit insurance to depositors according to the approved bankruptcy plan.

Article 19. Responsibilities of credit organizations under special supervision, owners, capital contributors, shareholders, Board of Directors, Board of Members, Supervisory Board, General Director (Director) of credit organizations under special supervision.

1. Implement the provisions set forth in Article 165 of the Law on Credit Organizations and this Circular.

2. Bear legal responsibility to the State Bank for the accuracy, timeliness, and completeness of information, documents, and files provided to the Special Supervision Board.

3. Report to the Special Supervision Board any difficulties, obstacles, and risks arising during the period of special supervision.

Chapter V. IMPLEMENTING PROVISIONS^[[26]]

Article 20. Effective Date

This Circular takes effect from July 1, 2024, and replaces Circular No. 11/2019/TT-NHNN dated August 2, 2019, issued by the Governor of the State Bank regarding special supervision of credit organizations, except for the cases stipulated in Clause 2, Article 21 of this Circular.

Article 21. Transitional Provisions

1. Decisions on special supervision issued before the date this Circular takes effect shall continue to be implemented until they are amended, supplemented, or replaced. Any amendment, supplementation, or replacement of decisions on special supervision issued before the date this Circular takes effect must comply with the provisions of this Circular, except for the contents stipulated in Clause 2 of this Article.

2. For credit organizations under special supervision as specified in Clause 9, Article 210 of the Law on Credit Organizations, the special supervision contents related to policy adjustments, plan formulation, and approval of restructuring schemes shall continue to be implemented according to the provisions of Circular No. 11/2019/TT-NHNN dated August 2, 2019, issued by the Governor of the State Bank regarding special supervision of credit organizations.

Article 22. Responsibility for Implementation

^[[27]]Heads of units under the State Bank, Deposit Insurance Corporation of Vietnam, Vietnam Cooperative Joint Stock Bank, credit organizations under special supervision, and the Special Supervision Board of credit organizations under special supervision are responsible for organizing the implementation of this Circular.

^{__________________________________________}

^[[1]] Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, is based on the following grounds:

“Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated January 18, 2024;

Pursuant to Decree No. 26/2025/NĐ-CP dated February 24, 2025 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Credit Institution System Safety Department;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations.

^[[2]] This provision has been amended according to the provisions of Clause 1, Article 1 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[3]] Phrase "REDUCED CAPITAL" added according to the provisions of Clause 1, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[4]] The phrase "Provincial Branches of the State Bank" is replaced by the phrase "Regional Branches of the State Bank" according to the provisions of Clause 2, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[5]] The phrase "Provincial Branches of the State Bank" is replaced by the phrase "Regional Branches of the State Bank" according to the provisions of Clause 2, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[6]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[7]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[8]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[9]] The phrase "at district level," is abolished according to the provisions of Clause 4, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[10]] This provision is added pursuant to Clause 2, Article 1 of Circular No. 07/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit institutions, which takes effect from June 6, 2025.

^[[11]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[12]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[13]] This point is amended pursuant to Point a, Clause 3, Article 1 of Circular No. 07/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit institutions, which takes effect from June 6, 2025.

^[[14]] This point is amended pursuant to Point b, Clause 3, Article 1 of Circular No. 07/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit institutions, which takes effect from June 6, 2025.

^[[15]] This point is amended pursuant to Clause 4, Article 1 of Circular No. 07/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit institutions, which takes effect from June 6, 2025.

^[[16]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[17]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[18]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[19]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[20]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[21]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[22]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[23]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[24]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[25]] The phrase "Bank Inspection and Supervision Authority" is replaced by the phrase "Credit Organization Management and Supervision Bureau" according to the provisions of Clause 3, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain articles of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit organizations, which takes effect from June 6, 2025.

^[[26]] Articles 3 and 4 of Circular No. 07/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit institutions, which take effect from June 6, 2025, provide as follows:

“Article 3. Responsibility for implementation

Heads of units under the State Bank of Vietnam, The Vietnam Deposit Insurance Corporation, the Vietnam Rural Credit Bank, credit institutions subject to special supervision, and the Special Supervision Board of credit institutions subject to special supervision are responsible for organizing the implementation of this Circular.

Article 4. Implementation provisions

This Circular takes effect from June 6 organize credit institutions, foreign bank branches are responsible for organizing the implementation of this Circular.2025./”

^[[27]] The phrase "Director of the Office, Director of Inspection and Banking Supervision," is abolished pursuant to Clause 5, Article 2 of Circular No. 07/2025/TT-NHNN amending and supplementing certain provisions of Circular No. 39/2024/TT-NHNN dated July 1, 2024, issued by the Governor of the State Bank of Vietnam on special supervision of credit institutions, which takes effect from June 6, 2025.